01 - Heat olive oil in a large pot or Dutch oven over medium-high heat. Add ground beef and cook, breaking it apart with a wooden spoon, until browned throughout, approximately 6 to 8 minutes. Drain excess fat if desired.
02 - Add diced onion, minced garlic, and diced red and green bell peppers to the pot. Sauté, stirring frequently, until vegetables have softened and onions are translucent, about 5 minutes.
03 - Stir in chili powder, cumin, smoked paprika, cayenne pepper, black pepper, and salt. Cook for 1 minute, stirring constantly, until spices become fragrant and well incorporated.
04 - Add tomato paste to the pot and mix thoroughly with the beef and vegetable mixture. Continue cooking for an additional minute to deepen the flavor profile.
05 - Pour in crushed tomatoes, drained kidney beans, black beans, beef broth, dried oregano, and brown sugar. Stir well to combine all ingredients. Bring the mixture to a gentle simmer, then reduce heat to low.
06 - Cover the pot and let the chili simmer gently for 45 minutes, stirring occasionally to prevent sticking. Taste and adjust seasoning with additional salt or cayenne as needed before removing from heat.
07 - While chili simmers, preheat your waffle iron according to the manufacturer's instructions.
08 - In a large mixing bowl, whisk together all-purpose flour, cornmeal, granulated sugar, baking powder, baking soda, and salt until thoroughly blended.
09 - In a separate bowl, whisk together whole milk, eggs, melted butter, and sour cream until smooth and fully combined.
10 - Pour the wet ingredients into the dry ingredients. Mix gently with a whisk or spatula just until combined—small lumps are acceptable. Do not overmix as this can result in tough waffles.
11 - Lightly grease the preheated waffle iron. Pour approximately 1/2 to 2/3 cup batter per waffle, depending on iron size. Cook according to manufacturer instructions until golden brown and crisp, typically 4 to 5 minutes per batch. Transfer cooked waffles to a wire rack or warm oven.
12 - Place one cornbread waffle on each serving plate. Ladle hot beef chili generously over the waffle. Garnish with shredded cheddar cheese, sliced green onions, fresh cilantro, and a dollop of sour cream if desired. Serve immediately.